Between 2006 and 2020, the world is expected to reach a peak in oil production where world demand for oil resources will be greater than the world's available oil supplies. Learn about oil and natural gas depletion and what that means for the global economy and our way of life in the United States.

Thursday, December 15, 2005

Big Peak Oil vs Little Peak Oil

Marion King Hubbert predicted in 1956, based on his study of the lifetime production profile of typical oil reservoirs predicted the peak of crude oil production would occur between 1966 and 1972. The actual peak in US oil production occurred in 1970. Since then the oil production within the United States has been in decline and we have been importing more and more oil each year to meeting our growing consumption demands. The problem with oil reserves peaking is that they go into a sharp decline in production after their peak and the oil remaining in the reserve is harder to get, of a lower quality, and therefore more expensive to produce.

But what about other oil producing countries? Have they peaked as well?

The following countries represent 94% of the world oil resources. Let's take a peek at their "peak" dates shall we?